Defendant Name: Equitable Financial Life Insurance Company

Defendant Type: Subsidiary of Public Company
Public Company Parent: Equitable Holdings, Inc.
SIC Code: 6311
CUSIP: 29452E10

Initial Case Details

Legal Case Name In the Matter of Equitable Financial Life Insurance Company
First Document Date 18-Jul-2022
Initial Filing Format Administrative Action
File Number 3-20931
Allegation Type Securities Offering

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 18-Jul-2022
Headline Total Penalty and Disgorgement $50,000,000

Related Documents:

33-11083 18-Jul-2022 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order
On July 18, 2022, the Commission issued an order instituting settled cease-and-desist proceedings against Equitable Financial Life Insurance Company, stating: "Since at least 2016, Equitable provided quarterly account statements to approximately 1.4 million investors that included materially misleading statements and omissions concerning significant fees paid in connection with variable annuity investments. Most of the investors who received the account statements are teachers or other employees of kindergarten-through-twelfth-grade (“K-12”) public school districts, who invest in Equitable’s proprietary “EQUI-VEST” variable annuities within a 403(b) or 457(b) defined contribution retirement plan."
2022-124 18-Jul-2022 Press Release--Administrative Proceeding
Equitable Financial To Pay $50 Million Penalty To Settle SEC Charges That It Provided Misleading Account Statements to Investors
The SEC "announced fraud charges against Equitable Financial Life Insurance Company for providing account statements to about 1.4 million variable annuity investors that included materially misleading statements and omissions concerning investor fees. Equitable agreed to pay $50 million to harmed investors, most of whom are public school teachers and staff members, to settle the charges."